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April 12, 2021
Daily FX Market Roundup 04.12.2021
By Kathy Lien, Managing Director of FX Strategy for BK Asset Management
Euro kicked off this busy trading week with modest gains against the U.S. dollar. Despite continued lockdowns in some of the region’s biggest economies, slow vaccine rollout and lower growth forecasts from France and Spain, the single currency has been extraordinarily resilient. It quietly moved higher since the beginning of the month rallying from 1.17 to 1.19. Better than expected retail sales data helped extend the pair’s gains on Monday. Consumer spending rose 3% in the Eurozone in February, double the market’s expectations. Spending in January was also revised up to -5.2% from -5.9%. This follows last week’s upwardly revised German PMIs and the strongest German business confidence since June 2019. So while the near term outlook is grim, the recovery is delayed not threatened and that prospect keeps economic activity going.